FTX Once Again Processing Withdrawals, On-Chain Data Shows

By akohad Nov10,2022


Struggling crypto exchange FTX appears to be processing withdrawals again, according to publicly available blockchain data. 

  • Data from Etherscan – an explorer for analyzing transactions on the Ethereum blockchain – shows that FTX’s public wallet began executing a swath of outbound transactions beginning at 03:39:11 PM UTC on Thursday. 
  • This follows an over 48-hour period during which FTX was only taking in deposits. FTX initially admitted to its liquidity troubles shortly after the withdrawal freeze took place on Tuesday. 
  • “Withdrawals coming in hot now — lots of folks getting out large sums,” noted Andrew Thurman, head of content at Nansen – a crypto data provider. One address, he noted, has pulled out over $2 million from FTX already.
  • Within an hour since resuming withdrawals, FTX has experienced net outflows of at least $6.7 million. The firm felt over $450 million in withdrawal demand within 24 hours on Monday. 
  • SBF reportedly told investors on Wednesday that the firm needed an $8 billion bailout to cover its shortfall against withdrawal requests. However, SBF claimed over Twitter on Thursday that FTX has more assets and collateral than client deposits. 

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By akohad

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